Nov 10, 2012 10:30pm EST
economic problems throwing america off a fiscal cliff. president obama and house speaker john boehner say that they are willing to compromise. >> a stronger economy means more revenue, which is exactly what president is seeking. >> they should start by making sure that taxes don't go up on the 98% of americans making under $250,000 a year starting january 1st. this is something we all agree on. >> reporter: both remain head strong on their views on tax reform. >> we have to combine spending cuts with revenue and that means asking the wealthiest americans to pay more taxes. >> 2013 should be the year to begin our debt through tax reform and entitlement reform. >> reporter: if no agreement is reached, middle class americans could see a $2000 increase on taxes and the unemployment rate could jump back over 9%, spiraling the economy to another recession taxes related to obama's health care plan will be corrected. according to baron, over 1000 government programs will experience, quote, deep automatic cuts. with the fiscal deadline rapidly approaching, many economists ask, can the feat be
Nov 7, 2012 10:00pm EST
speaker john boehner says old differences should not block new compromise. >> if there's a mandate in yesterday's results, it's a mandate for us to find a way to work together on the solutions to the challenges that we all face as a nation and my message today is not one of confrontation, but one of conviction. >> reporter: but the big question facing capitol hill now is if the president's reelection victory gives him new leverage with congress or if the same old tug of war remains. while the president talked a lot on the campaign trail about raising taxes on the wealthy, this fiscal cliff could affect americans on all income levels from the unemployed who could risk losing benefits to working americans who could see a possible rise in payroll taxes. in the newsroom tom fitzgerald, fox 5 news. >> fox 5 political analyst mark plotkin joins us tonight. thanks for being here, mark. >> good to be here, shawn. >> let's talk about what's next for the republican party. this was a devastating loss for the right. they clearly have their work cut out for them. where do they go from here? >> the
Nov 9, 2012 10:00pm EST
john boehner said friday he would only be open to raising more money by closing tax loopholes. >> and i'm proposing that we avert the fiscal cliff together in a manner that ensures that 2013 is finally the year that our government comes to grips with the major problems that are facing us. >> everyone would be affected. payroll taxes would increase and bush era tax cuts would end. the unemploy wood see benefits run out and -- unemployed would see benefits run out and the congressional budget office is already warning of a 9.6% unemployment rate and double dip recession. >> very unusual for them to predict a recession if the fiscal cliff is not resolved. >> a solution may be sound say some in the president's largely ignored bipartisan debt commission. >> we've got the fiscal cliff bearing down on us. so why not look on simpson bowles although it's over two years later? >> and looming for our area, possible massive job cuts if automatic pentagon cuts are not stopped. at risk, 207,000 jobs in virginia, 114,000 jobs in maryland and 127,000 jobs in the district. tom fitzgerald, fox 5 news.